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Make compound entries in journal form

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Question - Angel and Damon are partners with capital balances of P25,000 and P50,000, respectively. They share profits in the ratio of 4:6. Mark is to be admitted as a partner by making investment. The agreed new capital after the admission of Mark is to be P100,000. The new profit and loss sharing ratio is 3:4:3.

Required: For each of the following independent cases below, make compound entries in journal form.

a. Mark invests P25,000 for a 1/4 interest in the new capital.

b. Mark invests P20,000 for a 1/5 interest in the new capital.

c. Mark invests P20,000 for a 1/4 interest in the new capital.

d. Mark invests P25,000 for a 1/5 interest in the new capital.

e. Mark invests P25,000 for a 30% interest in the new capital.

f. Mark invests P20,000 for a 15% interest in the new capital.

g. Mark invests P15,000 for a 30% interest in the new capital.

h. Mark invests P20,000 for a 22% interest in the new capital.

Reference no: EM132566941

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